$?Bill in a ? Life mine, page-325

Assuming current prices of copper and gold are at $2.9/pound and $1809/oz

1t of ore with 1% Cu is worth (2.9/ 0.000453592)/100=$63.93
1t of ore with 1g/t Au is worth (1809/31.1035)=$58.16
1g/t Au is equivalent to 58.16/63.93=0.91% Cu

Therefore CuEq= Cu + (0.91Au)

Cortadera 700mt @ 0.6% cu and .3g/t au

CuEq= Cu + (0.91Au)= 0.6 + (0.91 × .3) = 0.6+.27=0.87% Cu

San Antonio 300mt @0.5% cu and .2gt au

CuEq= Cu + (0.91Au)= 0.5 + (0.91 × .2) = 0.5+.18=0.68% Cu


Contained CuEq in tonnes:

Cortadera = (0.87/100) x 700mt = 4.35 million tonnes
San Antonio = (0.68/100) x 300mt = 2.04 million tonnes

Total Resource = 6.39 million tonnes CuEq

at $50/ tonne Resource Worth In-Situ

$50 × 6.39 = US$319 million ($462 m AUD) = 17.9c/share fully diluted

at $180/ tonne Resource Worth In-Situ

$50 × 6.39 = US$1150 million or 1.15 billion (1.67 B AUD) = 64.4c/share fully diluted